Urban Grid closes USD 275m in debt refinance for solar, storage

Solar panels in Virginia. Source: Dominion Energy.

October 12 (Renewables Now) - US utility-scale renewables developer Urban Grid announced today it has secured USD 275 million (EUR 238m) of flexible capital after expanding and extending its existing partnership with private credit manager Crayhill Capital Management.

Richmond, Virginia-based Urban Grid said it will deploy the fresh capital to advance projects into the construction phase and continue the scale up of its solar power generation and energy storage platform. The company’s current project pipeline includes 12.7 GW direct current (DC) of solar photovoltaic (PV) and 3.7 GW of co-located and stand-alone energy storage.

"Access to this highly flexible capital enables our team to take projects through final development and into operations, across multiple regions, benefiting the surrounding clean power economy while enhancing the value of our entire platform," said Frank DePew, Urban Grid founder and CEO.

Urban Grid plans to deploy at least 8 GW of clean power over the next five years, it noted.

(USD 1.0 = EUR 0.865)

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